Bitcoin performance in 2024 and price prediction in 2025

2024 crypto market performance

As the second quarter began, Bitcoin traded close to $71,000, but as of now (approximately 60 hours before the quarter's end), it has fallen to $60,800, marking a decline of over 14%. Ether (ETH) performed better, buoyed by the anticipated approval of spot ETFs, yet it still recorded a modest 5% decrease for the quarter. Dragged down by even larger declines in many altcoins, the broader CoinDesk Index fell more than 21% during the last three months. Among the movers, Solana (SOL) tumbled 30%, Ripple's (XRP) dropped 23% and Dogecoin (DOGE) plunged 42%. The index's best performer was the above-mentioned ether with its 5% slide.

Several coins rose

2024 was pretty much a bear market for Bitcoin, with just several coins rising. The price of bitcoin dipped nearly 15% during the second quarter and altcoins fared even worse. According to market data, crypto assets struggled throughout June, with only a select few recording gains. The largest gainer was the meme coin brett (BRETT), which surged 64.9%, while the biggest loser was the meme token maga (TRUMP), plummeting 55.29%. Bitcoin's disappointing second quarter price action, for now, can possibly be thought of as a correction within a larger bull move that saw the token rise nearly five-fold from January 2023 lows to a new all-time record above $73,500 in mid-March of this year.

Several coins fell

Many coins experienced significant losses this month. The meme coin associated with the U.S. presidential candidate Donald Trump, maga (TRUMP), fell 51.44% this month. Echelon prime (PRIME) lost 51.12% of its value, while chiliz (CHZ) decreased by 50.07% in June. Other notable double-digit losers included AXL, WLD, ENJ, RBN, ABT, TIA, CRV, W, SKL, AERO, RUNE, ID, WOO, and MINA. However, the meme coin brett (BRETT) was a standout, climbing 64.9% over the past month, with approximately 7.3% of that increase occurring in the past week. Following BRETT, kaspa (KAS) saw a 38.8% rise this month, with 25.2% of those gains materializing in the last seven days.

Data provided by TradingView shows that after trading near support at $61,000 in the early hours on Thursday, Bitcoin’s price spiked to $62,357 after the GDP and jobs reports were released.

2025 crypto market forecast

Looking ahead to 2025, there are several factors that could influence Bitcoin's price. Ongoing regulatory developments, market sentiment, and institutional adoption will likely play crucial roles. Some analysts are cautiously optimistic, predicting that Bitcoin could potentially reach the $40,000 to $45,000 range if it maintains positive momentum and market stability.

Negative view

• The potential selling pressure
  
  While many crypto analysts have brushed aside concerns about a large-scale token dump resulting from the distribution of the Mt. Gox Bitcoin to creditors, analysis at JPMorgan still sees the potential for downside risk in July due to potential selling pressure from the creditors.
  
  In a note to investors on Wednesday, the analysts, led by Nikolaos Panigirtzoglou, highlighted that the creditors are set to receive 142,000 Bitcoins worth about $9 billion at current prices, and said the threat of a potential sell-off can’t be discounted based on the recent behavior of Gemini creditors.
  
• The negative price action
  
  Based on the negative price action in crypto markets since May 29th, the analysts said it’s “fair to assume that some of Gemini creditors, which are mostly retail customers, have taken at least partial profit in recent weeks.”
  
  The deadline is scheduled for October for repayment to Mt. Gox creditors. However, JPMorgan predicts that a significant portion of reimbursements will occur in July. Should this scenario unfold, the report suggests that the crypto markets could experience a sell-off next month, followed by a rebound in August.
  
  They noted that one positive development for crypto prices will be the release of cash payments to creditors of the bankrupt FTX cryptocurrency exchange, as they are expected to reinvest those funds back into the market. But that is not expected to occur until sometime after October 7.

Positive view

• Historic gains in July
  
  Crypto Journalist Sage Young offers a positive outlook for July, he noted that history shows that a “falling Bitcoin price in Junes means double-digit gains in July.”
  
  “Each time the price of Bitcoin has seen its price decline in June, the largest cryptocurrency by market cap would recover in the following month—typically by double digits,” Sage wrote. “According to data from crypto derivative statistics platform Coinglass, leaving this year aside, BTC has had five Junes in which its price had a negative performance: 2022, 2021, 2020, 2018, and 2013. After the June drawdowns, BTC rallied more than 9.6% in each of those five years, sometimes as high as 24%.”
  
  “Zooming out, the median return for BTC for all Junes is -0.49%, while BTC’s median July return is 9.6%,” he added.
  
  With Bitcoin trading at $61,650 currently, that represents a decrease of around 9% from its price of $67,723 on June 1. Historical precedent suggests that King Crypto will see a bounce back in July and will continue to trend higher through the end of 2024.
  
• Long-term positive
  
  Bitcoin is powerful and has so much potential, Bitcoin’s projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin’s long-term value could reach over $100,000 to as much as one million dollars per BTC in the future.
  
  Numerous investors perceive bitcoin favorably for its potential for substantial long-term gains, increasing adoption as a payment method, and its role as a hedge against volatility in traditional financial markets.

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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.